GCC family firms discuss ingredients for long-term success

DUBAI, April 18, 2017

Sustaining family unity and maintaining commitment to evolve the family business were identified as key requirements for family business success over generations, at a major summit in Dubai recently.

Family Business Council – Gulf (FBCG), the regional association of Family Business Network International (FBNi), recently concluded its Annual Summit 2017 under the theme ‘Secrets to Family Business Continuity: Committed to Evolve Over Generations’.

The fourth edition of the summit brought together leading GCC family businesses experts and academicians to share family business experiences and effective approaches to address family business challenges.

Abdulaziz Al Ghurair, chairman of FBCG, said: “We believe that each family business has its own secrets to success, but we also believe that families can inspire each another on ways to regenerate their own formula to success.”

He added: “By tailoring the summit agenda around real-world case studies and success stories, we aimed to provide families with practical insights that they can learn from and incorporate in order to better address the challenges of growth, business model evolution and generational transition.”
Prominent regional and international speakers took the stage at the summit presenting case studies and taking part in panel discussions.

Two GCC family groups -- Al Mulla Group from Kuwait and Sedco Holding Group from Saudi Arabia -- shared their learnings and discussed how to professionalise and introduce corporate discipline in the family business, focusing on how to build effective boards to fit long-term generational time horizons.

The summit also witnessed the launch of a GCC case study on family business social impact. Community Jameel shared their approach in developing community projects tied to their business and centered on job creation.

Hassan Jameel, deputy president and vice chairman of Abdul Latif Jameel, took part in a relevant panel session along sustainability experts and discussing with the audience effective ways of giving in the context of the family business.

International family speakers also took part in the summit, including Hans-Jacob Bonnier of Bonnier Group, a sixth-generation family firm which is ranked among Scandinavia’s leading media conglomerates, and Meral Zaim Inci from the second generation of the leading Turkish Inci conglomerate.

Every year, the FBCG summit attracts leading GCC family businesses in a private closed-door gathering. FBCG’s events are exclusive to family-business members and the format of the sessions is designed to encourage open and effective discussions among the participating members. – TradeArabia News Service